Standard&Poor's Rating Services assigned its 'AA' long-term rating and stable outlook to Hastings, Minn.'s series 2011A general obligation (GO) bonds. At the same time, Standard&Poor's affirmed its 'AA' long-term rating on the city's existing GO bonds. The rating reflects our view of the city's: Access to the deep and diverse Minneapolis-St. Paul (Twin Cities) metropolitan area economy; Economic indicators that are at least good; and Very strong financial position. The city's recent use of reserves and high carrying charges, although somewhat offset by rapid amortization, are limiting rating factors. The bonds are general obligations of the city for which the city pledges its full faith and credit and power to levy direct general ad valorem taxes.
